WRE News August 23, 2024
Buyer
Only 11.21% of Americans – 35.7 million – moved within a year of the most recent American Community Survey in 2022, according to a data analysis published by LendingTree. As for those who moved, 79.29% stayed in the same state.
Among those who moved, 53.93% relocated within their county while 25.36% moved to a different county in the same state and 20.71% picked up and left for a new state.
Homeowners were less likely to move than renters – 92.67% of residents in owner-occupied homes stayed in their current residences compared with 80.28% in renter-occupied homes. And while homeowners were less likely to move than renters, they also relocated to further locations – 48.91% of movers in owner-occupied homes left the county or state, compared with 43.75% in renter-occupied homes.
Among the states, the largest shares of the population who moved were in Colorado (15.26%), Oregon (14%) and Wyoming (13.89%). The states with the smallest share of movers were Delaware (8.21%), Maine (8.52%) and New Hampshire (8.81%).
“Long-distance relocations can take a greater toll mentally and financially than staying local,” said Jacob Channel, senior economist at LendingTree. “As a result, most Americans don’t appear to be keen on packing their bags and leaving their current stomping grounds. Going forward, this trend will likely persist.”
Stay up to date on the latest real estate trends.
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